Finance Minister Clyde Caruana on Wednesday announced Government will be reducing the excise duty on fuel in a bid to cushion the current increase in petrol and diesel prices.

Speaking in Parliament, Minister Caruana said the Government will be reducing fuel tax via a legal notice, as the world contends with a sharp rise in the international price of oil.

The legal notice is expected to be published today, Thursday.

For unleaded petrol, the excise duty has been slashed from €489.38 to €359 per 1,000 litres. For diesel, tax has been lowered from €412.40 to €330.

The Minister added that the price of fuel at petrol stations will remain the same.

Remaining in place until 2022, Minister Caruana said the measure will cost the Government around €31 million over a year, translating into around €2.5 million monthly.

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